It may be hard for Calm’s employees to live up to the app’s namesake mental state today, as the meditation app has just gone full unicorn.
Calm said today it has raised $88 million in Series B financing, valuing the company at $1 billion. The funding round was led by TPG Growth with participation from Creative Artists Agency (CAA), as well as contributions from existing investors Insight Venture Partners and Sound Ventures. This latest round of the collection plate brings total funding to date up to the not-very-calm-inducing sum of $116 million.
It’s undoubtedly a good investment, as anxiety, stress, and insomnia are all unfortunately on the rise (unfortunate for everyone except the investors). As people attempt to battle the news cycle, according to the CDC, meditation practice in the United States has more than tripled from 2012 to 2017, and 1 in 4 Americans have trouble sleeping. In their desperation to stop the insanity and get a little sleep, they are turning to apps like Calm to help pick up the pieces. Forty million people have downloaded the app worldwide, with one new user joining every second, and its Sleep Stories (relaxing bedtime stories for grownups) have been listened to over 100 million times.
As for what Calm plans to do with the new funds, it’s all about furthering the mission. “This financing will accelerate our mission to make the world healthier and happier, with international growth and an increased investment in content being top priorities,” said Alex Tew, Calm’s cofounder and co-CEO. “We are excited to be working with an incredible partner in TPG for this new phase of Calm’s journey.”
Cofounder and co-CEO Michael Acton Smith also envisions that the company is positioning itself as “one of the most valuable and meaningful brands of the 21st century,” as it taps into the $4.2 trillion global wellness industry.